Chainlink (LINK) is currently trading at $12.54, reflecting a 24-hour decrease of 1.81%. The price has oscillated between a high of $12.99 and a low of $12.48 in the past day, indicating low volatility with a daily range of just 0.51%.

Trading volume stands at approximately $337.69 million, translating to a volume-to-market cap ratio of 3.80%. This relatively stable volume suggests a consistent interest from traders, although it may not be sufficient to drive significant price momentum in the current market environment.

The short-term moving averages reveal bearish sentiment, with the 8 SMA at $12.86 showing a decline of 2.48%, and the 55 SMA at $13.26 down 5.41%. The longer-term 144 SMA at $13.62 reflects a more substantial decrease of 7.93%, reinforcing the overall downtrend in price action.

Momentum indicators indicate bearish conditions, with the 1-hour RSI at 35, suggesting that LINK is nearing oversold territory. The 7-day RSI at 40 further confirms this sentiment, showing weakness in buying pressure over the past week, alongside a notable 7-day price change of -5.29%.

From a longer-term perspective, LINK has experienced a 14-day price change of -9.14% and a 30-day decline of 1.03%. Given the current technical indicators and the absence of bullish momentum, the risk of further downside remains, especially considering the significant gap to its all-time high of $52.70 reached in May 2021.

In conclusion, Chainlink's price action and technical indicators suggest a bearish outlook in the short to medium term, with continued selling pressure evident. Therefore, the recommendation is to Hold LINK, monitoring for potential bullish signals or a reversal in trend before considering any buying opportunities.